Lightico acquires Vizolution as demand for digital customer completion intensifies
Lightico reinforced its capabilities on Monday by bringing a European company into its portfolio.
The provider of technology to facilitate digital customer interactions announced the acquisition of Vizolution in a move meant to position the joint company to be a global leader in B2B2C digital completion for the financial services and telecom industries.
The joint company’s solutions are already in use by many companies in the financial services sector, including Capital One, GM Financial, HSBC, Santander Consumer Finance, NatWest, BNP Paribas, TD Bank, and by telecom companies including, BT/EE, VMO2, and Three
Lightico said its customers have seen more than 80% faster turnaround times, 45% improvement in completion rates and an ROI of 360%.
“As customer expectations for service companies to offer seamless, digital experiences continues to soar, bringing Vizolution into the Lightico fold will result in a more robust platform devoted to helping businesses deliver world-class digital experiences,” Lightico CEO and co-founder Zviki Ben Ishay said in a news release.
“With this acquisition, we are combining the leading digital completion solutions in North America and Europe to become the de facto global leader and are well-positioned and fully funded to scale rapidly across the financial services and telecom industries where demand is at an all-time high,” Ben Ishay continued.
The deal will combine Vizolution’s agent-assisted and self-serve solutions with Lightico’s compliant digital completion platform, including its workflow-integrated eSignature, document collection, and identification and verification services. This combination will provide clients with a solution to deliver a solution for the entire customer lifecycle.
Additionally, Vizolution’s team will join Lightico’s organizational structure with Ben Ishay at the helm and Bill Safran, Vizolution’s CEO, transitioning to chief strategy officer for the 150-person company.
Additional shareholders; HSBC Ventures, Santander Consumer Finance, Natwest and Development Bank of Wales join Lightico’s current backers Capital One Ventures, Crescendo, Lool Ventures, Mangrove Capital, Oxx, and Spinach Angels.
“Vizolution has been providing customer experience services to market-leading enterprises to help them transform and improve digital experiences for millions of their customers,” Safran said. “By joining forces with Lightico, we’ll leverage the best of both technologies, people and organizations to deliver a strong, scalable, cloud-based offering that will deliver even greater value to our clients and their customers.”
Terecina Kwong is chief operating officer of HSBC Bank and HSBC Europe and a Vizolution board member.
“As early backers of Vizolution, we’ve long believed that streamlining complex customer-facing interactions, especially in the financial services industry, is critical to success,” Kwong said. Lightico’s acquisition of Vizolution is a significant step towards bringing this change to the entire industry and we look forward to continued success together.”
Santander Consumer Finance CEO José Luis De Mora added: “Vizolution’s technology as well as the team behind it has enabled Santander Consumer Finance to provide customers with an exceptional digital consumer lending experience.
“We have no doubt that consumer demand for more seamless end-to-end digital experiences will grow, and with Lightico and Vizolution combining forces, we’re confident that the new, larger company will help Santander Consumer Finance further its digital footprint and be one of the most important leaders in digitizing the consumer lending market,” De Mora went on to say.